# Table 4: Phillips Curve Slope by Z₁ Tercile

| Variable | Young (low Z₁) | Middle | Old (high Z₁) |
|---|---|---|---|
| rgdp_growth | -0.587 (0.767) | -16.355*** (5.719) | -0.172*** (0.048) |
| fiscal_bal_gdp | -1.350 (0.929) | -7.506 (5.679) | 0.251*** (0.078) |
| kaopen | -2.941 (3.419) | 28.675 (19.193) | -2.848*** (0.373) |
| nfa_gdp_lag | -13.146*** (4.814) | 35.142* (18.756) | 0.142 (0.627) |
| inflation_lag | 0.359*** (0.019) | 31.951*** (1.386) | 0.042*** (0.006) |
|---|---|---|---|
| R² | 0.009 | 0.237 | 0.180 |
| N obs | 2,152 | 1,667 | 1,617 |
| N countries | 70 | 54 | 50 |

*Note: rgdp_growth used as the activity proxy across all terciles to ensure comparability. Output_gap is available only for OECD countries, which concentrate in the old tercile.*